NEW YORK (TheStreet) -- Shares of Marathon Oil Co. (MRO) are down 3.99% to $33.19 after the international energy company reported lower third quarter profit of $431 million, or 64 cents a share, down from $569 million, or 80 cents a share, a year earlier.
Revenue fell to $2.97 billion from $3.13 billion a year ago.
Analysts polled by Thomson Reuters expected per-share profit of 59 cents and revenue of $2.93 billion.
"Marathon Oil's U.S. resource plays delivered strong operational performance in the third quarter, and we remain on track to achieve greater than 30% production growth year-over-year in the resource plays," CEO Lee Tillman said.
"Both our Eagle Ford and Bakken net production delivered double-digit growth compared to the previous quarter," Tillman continued, adding, "However, lower price realizations offset the impact of higher production volumes in our financial results."
Additionally, on October 29, Marathon declared a dividend of 21 cents per share on common stock. The dividend is payable on December 10 to stockholders of record on November 19.
Separately, TheStreet Ratings team rates MARATHON OIL CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MARATHON OIL CORP (MRO) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, reasonable valuation levels, good cash flow from operations, expanding profit margins and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."
You can view the full analysis from the report here: MRO Ratings Report